South Korea has approved a major exploration project for drilling to uncover potentially vast gas and oil reserves in the deep sea off the country's southeastern coast. President Yoon Suk Yeol announced that this reserve could hold up to 14 billion barrels of gas and oil, enough to last the country for 29 years and four years, respectively. The government has commissioned Act-Geo, a leading US deep-sea technology consultant, to review the geophysics study on this potential reserve, with the actual drilling expected to confirm the existence and quantity of the resources. The first borehole project is set to commence by the end of this year, with results anticipated by the first half of next year. Industry Minister Ahn Duck-geun shared that, if confirmed, the government aims to start building commercial drilling facilities between 2027 and 2028, potentially enabling commercial development at the site by 2035. The potential value of the deposit is thought to be over five times the market capitalization of Samsung Electronics, indicating its significant economic impact. The news of these prospects led to considerable increases in the stock prices of several companies in the gas and oil sectors, such as the Korea National Oil Corporation, Daesung Energy, Dongyang Steel Pipe, and Korea Gas Corporation.